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00:02PepsiCo Inca's shares moved lower Friday after the company said higher gasoline prices weighed
00:07on consumer spending in the second quarter, according to Benzinga. Management said consumers
00:13continued to visit convenience stores but made fewer purchases as fuel costs pressured discretionary
00:18spending. The comments followed mixed second quarter results released Thursday. Revenue rose
00:246.4% year-over-year to $24.18 billion, topping estimates of $23.96 billion. Core earnings
00:32came in at $2.20 per share, missing estimates of $2.21 per share. PepsiCo maintained adjusted
00:40EPS guidance of $8.55 to $8.71, compared with the $8.64 estimate, and sales guidance of $97.68
00:50billion to $99.56 billion versus the $98.88 billion estimate. The company expects its
00:58international business to exceed $40 billion in annual revenue this year, with the segment
01:02representing most of its beverage and food volumes. Shares were down 0.29% at $137.46 during
01:11pre-market trading on Friday, according to Benzinga Prodata. For all things money, visit Benzinga.com.
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